3M announces acquisition of OCP from Avery Dennison
Avery Dennison is to be bought out by 3M.
It has been announced that 3M will buy the Office and Consumer
Products (OCP) arm of Avery Dennison, which is likely to have a
been a deal merger and acquisition advisors were involved in.
The organisation has agreed to pay $550 million in cash for the
business, which operates in countries all over the world including
Canada, the US, the UK, Europe and Australasia.
"OCP will build on 3M's strong and long-standing customer
partnerships worldwide," vice-president and general manager of 3M's
Office Supplies Division Bill Smith stated.
"This acquisition complements our global business ... and will
allow us to better serve our customers with accelerated product
innovation," he added.
It was claimed Avery Dennison's OCP unit is one of the largest in
the world, with sales thought to have reached $765 million (£491
million) with earnings before interest, taxes, depreciation and
amortisation of $95 million last year.
Among the famous brands 3M already owns are Post-it, Scotch Tape,
Filtrete and Nexcare.
Posted by Ken Hayes
Source: 3M press release, January 3rd